Climate change inaction may cost region 5% of GDP

(CNS): A report from the United Nation’s Economic Commission for Latin America and the Caribbean (ECLAC) says adapting to climate change will cost Caribbean countries 2-3% of their annual GDP over the next forty years but the cost of inaction could be as high as 5% of annual GDP. Owing to the geography and small economies of the Caribbean countries, experts say the region will be among the first to be affected by climate change. “Since more than half of the population lives near the coast, increase in temperature, change in precipitation and rise in sea level due to human activities will not only lead to loss of land but to lowered prospects for economic growth as well as quality of life for its people,” said Hirohito Toda, Officer-in-Charge of ECLAC.

Among other things, the report recommends that Caribbean countries consider a sub regional response to adaptation; strengthen institutional frameworks for responding to climate change; implement financing mechanisms to support adaptive actions; and introduce energy efficiency measures.

"The Economics of Climate Change in the Caribbean Summary Report" was launched at ECLAC's Subregional Headquarters for the Caribbean in Port-of-Spain, Trinidad and Tobago last week and summarizes two years of research.

The work was undertaken by ECLAC in cooperation with the Caribbean Community Climate Change Centre (CCCCC), estimating the potential economic impact of climate change on the region. It includes assessments of eight sectors across 14 countries. Funding for the project was provided by the UK Department for International Development (DFID).

See the full three opart report  here